Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Iris Energy Limited (“Iris Energy” or the “Company”) IREN securities between June 20, 2023 and July 11, 2024, inclusive (the “Class Period”). Iris Energy investors have until December 6, 2024 to file a lead plaintiff motion.
Investors suffering losses on their Iris Energy investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On July 11, 2024, Culper Research (“Culper”) issued a report entitled “Iris Energy Ltd (IREN): A Prius at the Grand Prix” (the “Culper Report” or the “Report”). In the Report, Culper announced that it was “short [IREN], a bitcoin miner that now promotes itself as a [HPC] data center play.” Culper stated that it was “short IREN because we believe the Company has dramatically misrepresented the strength and potential of its assets for HPC/AI applications.”
On this news, the price of IREN stock fell by $2.03 per share, or 15.3% (or 13.1% as compared to the prior closing price), to close at $11.20 per share on July 11, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Defendants overstated Iris Energy’s prospects with data centers and high performance computing, in large part as a result of material deficiencies in Iris Energy’s Childress County, Texas site; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Iris Energy securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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